ORS Chapter 370 - Oregon Statutes

Chapter 370 — CountyRoad Bonding Act

 

2009 EDITION

 

 

COUNTYROAD BONDING ACT

 

HIGHWAYS,ROADS, BRIDGES AND FERRIES

 

370.010     Authorityto issue bonds

 

370.020     Roadwork plans, specifications and bids

 

370.031     Electionprocedure to determine issuance of bonds under ORS 370.010

 

370.120     Countycourt’s use of money raised by sale of bonds

 

370.130     Orderdeclaring election results; contents and effect

 

370.140     Issuanceof bonds

 

370.150     Issuanceof serial in lieu of term bonds

 

370.160     Optionto issue redeemable term or serial bonds

 

370.170     Specialbond redemption funds

 

370.180     Taxlevy for redemption fund and bond interest

 

370.200     Loanof redemption funds

 

370.240     Warrantsin lieu of bonds

 

      370.005 [Repealed by1983 c.327 §16]

 

      370.010Authority to issue bonds. (1) Any county may issue bonds for the purpose ofraising money to be used for the construction and maintenance of permanentroads in that county.

      (2)All moneys raised under the provisions of this chapter shall be used inconstructing permanent public roads in that county, which roads, except asotherwise provided by law, shall be constructed by the county court under itsexclusive jurisdiction and such expert assistants as it may employ.

 

      370.020Road work plans, specifications and bids. The county court:

      (1)Shall prepare plans and specifications of roads mentioned in ORS 370.010.

      (2)Shall invite bids in conformity to such plans and specifications.

      (3)May also receive and consider any and all bids in conformity to any plans andspecifications furnished by any individual, firm or corporation offering to bidon such roads.

      (4)May reject any and all bids.

 

      370.030 [Repealed by1983 c.350 §232 (370.031 enacted in lieu of 370.030)]

 

      370.031Election procedure to determine issuance of bonds under ORS 370.010. (1) Thissection establishes the procedure for determining whether a county shall issuebonds under ORS 370.010. The question shall be decided by election. The countycourt:

      (a)May order the election on its own resolution; or

      (b)Shall order the election when a petition is filed as provided in this section.

      (2)The requirements for preparing, circulating and filing a petition under thissection shall be as provided for an initiative petition in ORS 250.165 to250.235.

      (3)Notwithstanding subsection (2) of this section, if ORS 250.155 makes ORS250.165 to 250.235 inapplicable to a county, the requirements for preparing,circulating and filing a petition under this section shall be as provided foran initiative petition under the county charter or an ordinance adopted underthe county charter.

      (4)The order of the county court calling the election:

      (a)Shall specify the amount of the bonds proposed to be issued, the length of timethey shall run and the maximum rate of interest they shall bear; and

      (b)May specify each road within the county to be built or improved by the moneyraised, the minimum amount to be expended on each road and the location of eachroad within the county, giving its beginning and terminus.

      (5)Not later than the fourth day nor before the 15th day before an election underthis section, the county court shall publish a notice of the election in anewspaper or newspapers designated by the county court. The notice shall statethe date of the election, a ballot title and the information included in theorder under subsection (4) of this section. The notice shall be published in atleast one issue of the newspaper or newspapers.

      (6)Only one election under this section may be held in a 12-month period. [1983c.350 §233 (enacted in lieu of 370.030); 2007 c.154 §62]

 

      370.040 [Repealed by1983 c.350 §331a]

 

      370.050 [Repealed by1983 c.350 §331a]

 

      370.060 [Repealed by1983 c.350 §331a]

 

      370.070 [Repealed by1983 c.350 §331a]

 

      370.080 [Repealed by1973 c.549 §1 (370.082 enacted in lieu of 370.080)]

 

      370.082 [1973 c.549 §2(enacted in lieu of 370.080); repealed by 1983 c.350 §331a]

 

      370.084 [1973 c.549 §3;repealed by 1983 c.350 §331a]

 

      370.086 [1973 c.549 §4;repealed by 1983 c.350 §331a]

 

      370.090 [Repealed by1983 c.350 §331a]

 

      370.100 [Repealed by1983 c.350 §331a]

 

      370.110 [Repealed by1983 c.350 §331a]

 

      370.120County court’s use of money raised by sale of bonds. If the countycourt in its order calling an election under ORS 370.031 designates theparticular roads to be built or improved by the money raised by the sale ofbonds, the county court shall not use any of the money raised upon any otherroad or for any other purpose than those mentioned in the order. If the orderdoes not designate any particular roads to be built or improved by the moneyraised, then the county court may expend the money raised from the sale of thebonds to build, improve or maintain such permanent roads within the county asthe county court considers proper. [Amended by 1983 c.350 §234]

 

      370.130Order declaring election results; contents and effect. If at anyelection under ORS 370.031 a majority of the electors voting at the electionfavors issuing the bonds, the county court shall enter an order in its journaldeclaring that fact. This order shall:

      (1)Be conclusive as to the regularity of all the proceedings in reference to thematter.

      (2)Designate the amount of the total assessed valuation of all the property withinthe county.

      (3)Designate the amount of all the previous debts and liabilities of the countyincurred for road purposes and remaining unpaid.

      (4)Be prima facie evidence as to the amount of the assessed valuation and theindebtedness. [Amended by 1983 c.350 §235]

 

      370.140Issuance of bonds.After having entered the order as provided in ORS 370.130, the county courtshall cause the bonds to be issued as prescribed in ORS chapter 287A. [Amendedby 1981 c.94 §34; 2007 c.783 §175]

 

      370.150Issuance of serial in lieu of term bonds. After the issuance of bonds hasbeen authorized by an election held in accordance with ORS 370.031, 370.120 and370.130, the county court, in lieu of bonds redeemable only at the time statedin the notice, may issue bonds and, in the order providing for their issuance,reserve the right to redeem any or all of them serially each year. When bondsare issued with such reservation, the redemption fund provided for in ORS370.170 may be used each year, as it is collected, for the redemption of suchproportion or percentage of the bonds as will redeem all of them at the end ofthe time fixed in the prior proceedings for maturity of the bonds, instead ofbeing kept and deposited as provided by law or loaned as provided in ORS370.200 until the final maturity of the bonds. [Amended by 1967 c.451 §21; 1983c.350 §236]

 

      370.160Option to issue redeemable term or serial bonds. In itsdiscretion, the county court further may issue either term bonds or the serialbonds mentioned in ORS 370.150 with the option of redeeming them on and aftercertain interest-paying dates specified by the county court in the bonds. [Amendedby 1997 c.171 §19; 2007 c.783 §176]

 

      370.170Special bond redemption funds. Beginning with the fourth year afterthe bonds are sold the county court shall each year thereafter, until maturityof the bonds, set aside as a special fund for their payment such percentage ofthe face value of the bonds as at the date of their maturity shall aggregatetheir full face value. Where bonds are issued in different series maturing atdifferent times a separate redemption fund shall be provided for each series.

 

      370.180Tax levy for redemption fund and bond interest. The amountnecessary to provide the redemption fund and to pay the annual interest onoutstanding bonds shall be added to the general levy of taxes as may berequired, which tax shall be levied upon all the taxable property within thecounty.

 

      370.190 [Repealed by1967 c.451 §32]

 

      370.200Loan of redemption funds. Whenever there are sufficient funds on hand in thebond redemption fund, the county treasurer with the approval of the countycourt may loan any money in the bond redemption fund, secured by first mortgageon improved real estate within the county at six percent interest per year. Allapplications for such loans shall be made in writing to the county treasurer,shall state the amount of the loan applied for and the security offered andshall be numbered consecutively as received and passed upon by the countycourt. The county court shall require an abstract of title of property and awritten opinion from the district attorney of the county concerning thevalidity of the title of the lands offered as security. The county court mayauthorize or reject any loan. No loan shall be made in excess of 50 percent ofthe assessed valuation of the property offered as security. No expense shall beincurred by the county in loaning any such funds.

 

      370.210 [Repealed by1967 c.451 §32]

 

      370.220 [Repealed by1967 c.451 §32]

 

      370.230 [Repealed by1967 c.451 §32]

 

      370.240Warrants in lieu of bonds. (1) After the issuance of bonds has been authorizedby an election held in accordance with ORS 370.031, 370.120 and 370.130, thecounty court, in lieu of the issuance of any or all such bonds, may issuewarrants drawn upon the county treasury for the purpose of securing any or allfunds sought to be secured by the issuance of such bonds.

      (2)These warrants shall be in denominations of $50, or multiples thereof up to$1,000, and shall bear the same rate of interest as the bonds would bear inlieu of which the warrants are issued.

      (3)No such warrants shall become due at any specified time, but shall beredeemable by the county at any time in the same manner as other countywarrants are redeemed or paid. [Amended by 1983 c.350 §237]

 

      370.250 [Repealed by 1981c.153 §79]

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